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closing stock worth is 50000 and grossprofit is 20% how much
profit would be accounted towards the nextyear?
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Answer Posted / rajesh deshmukh
First of all you have to provide cost of sales or turnover
to calculate gross profit. only providing stock figure,
nobody can compute GP.
Cost of Sales to be calculated as follows
Opening stock
Add: purchases
Add: Direct expenses
Less: Closing stock
you have to take GP @20% on COS or turnover.
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